How to Lower the Cost of Car Ownership

A car used to be a luxury, but in most cases these days, this cost is a necessity. Even if you live in a cosmopolitan city, you’ll probably need a vehicle to go to stores, visit friends and family, and all around make your life easier.

The good news, on that front, is that driving a car is fun. The bad news is that costs can quickly tally up to a small fortune if you’re not careful. According to one study conducted by MarketWatch Guides, US workers spend around 20% of their income on their vehicles each month. 

While it’s unlikely that you can get that percentage down to zero, you can certainly nudge it in that direction. In this post, we’ll take a look at some handy tips that’ll help to keep the cost of owning a car as low as possible. 

Think of the Overall Cost 

You can help keep your car-related costs down by thinking about the overall cost of a vehicle before buying it. In some cases, it can make more sense to buy a more expensive vehicle than a cheaper model, all because the lifetime cost of owning the vehicle is much cheaper. For example, let’s say a model is known for breaking down. You might get a good price initially, but if you’re spending huge sums on repairs every few months, then the vehicle will end up having a damaging impact on your bank balance. You can also take a look at how much insurance for the car will cost you, as well as its MPG capacity (the higher, the better).  

Save on Gas

Buying a vehicle that gets a good MPG (miles per gallon) will mean you will spend less money on filling up the tank. 

But simply owning a car that gets a good MPG doesn’t mean that you’ll be at the gas pump less frequently. That depends, in large part, on your driving style. You’ll spend more money on gas if you accelerate and brake harshly, carry additional weight while driving, and blast the AC for the entire journey. By making a few minor adjustments to your driving style, you can ensure that you don’t use any more gas than is necessary to make your journey.

Handle Issues Promptly

It doesn’t matter what type of car you have — at some stage, it’ll have an issue that needs fixing. How much you spend on those repairs will depend on how quickly you take action. Small issues that will be cheap to repair can quickly become big, expensive problems if you continue driving rather than getting in touch with a repair company. In this day and age, there’s no reason to drive when you have an issue. There are mobile brake specialists, engine diagnostic experts, and battery replacement companies that can restore your vehicle to full working condition wherever you are, without you having to drive and potentially cause more damage. Remember — the sooner you take action, the less likely it is that you’ll face a big repair bill, which will help you keep your car-related expenses as low as possible. 

Learn Some Basic Car DIY

There are some repair jobs that should always be carried out by a professional. However, there are also plenty of smaller jobs that anyone can do — and that can make a big difference to the amount of money you spend on your vehicle. By learning a few skills, you’ll be able to repair your vehicle yourself, without having to pay a professional. You should be able to change the oil, rotate your tires, replace air filters, and repair minor scratches yourself. 

Remember That Public Transport Exists

Most people automatically get behind the wheel when they have somewhere to be. Yet it’s worth remembering that you don’t always need to use your car to get to where you need to be. You can save money by using public transport or even using a bicycle from time to time. Those options will help you to save money on gas and parking — and it’ll also put more time in between vehicle purchases, since the less you use your vehicle, the longer it’ll last.

Sell at the Right Time

Finally, look at selling your vehicle at the right opportunity when the time comes to upgrade. Most people find that they can strike the right balance between getting their money’s worth for their vehicle and selling at a good price by putting it on the market around 3 – 5 years after purchase. You should be able to get around 50-60% of the original price if it has been well-maintained.